The government has cleared seven foreign direct investment (FDI) proposals worth Rs 981 crore, belonging to different sectors like telecom, broadcasting, real estate and pharma etc. These proposals have been approved following recommendations by the Foreign Investment Promotion Board (FIPB). The proposal related to telecom and broadcasting sector, entails investment worth Rs 963 crore.
The proposals which were approved include ones by Hathway Cable and Data Com, Kotak Mahindra Bank, Celon Laboratories, Keppel Puravankara Development, Lalea Trading, Cheetah Communications and Destimoney Enterprises.
In its July 3 meeting, the FIPB had cleared application of Kotak Mahindra Bank. The bank had sought approval for increasing the aggregate foreign investment to 55% following a merger between ING Vyasa Bank and Kotak Bank. However, The FIPB had deferred the decision on six FDI proposals including that of Den Networks, Reliance Globalcom (Bemuda), Sistema Shyam Teleservices and Indian Rotocraft.
Further, the FIPB headed by Finance Secretary Rajiv Mehrishi will meet again to decide on over 40 investment proposals. The government has recently approved 10 foreign direct investment proposals entailing capital inflows of Rs 1,675.15 crore into the country.